1. Cayuga Catering purchased a new, fully equipped food truck on 1/1/16. The company signed a note that specified four equal annual payments (at each year-end) in the amount of $25,000. The interest rate in the loan is 8%. Round all amounts to the nearest dollar.

Required: a. Prepare the journal entry to record the purchase of the truck. b. Record the journal entry to record the payment for each year. c. Prepare an amortization table for the loan using excel and print this out and attach it to your work. d. What is the total interest paid on the loan?